Apollo Global Management Inc. filed on Wednesday with the U.S. Securities and Exchange Commission to launch a SPAC raising up to $400 million in an initial public offering.
The New York-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Apollo Strategic Growth Capital would command a market value of $500 million.
Apollo’s previous SPACs include Spartan Energy Acquisition Corp, which went public in August 2018 and recently completed its combination with electric car maker Fisker Inc in late October, and Apollo Strategic Growth Capital, which raised $750 million in October 2020.